EB-5 policy gets a fresh lease of life, with amendments

Posted on: 04 May 2016  |   Tags: immigration , pr , senate , US , USCIS ,

EB-5 policy gets a fresh lease of life with amendments The EB-5 policy, where areas with high unemployment are targeted, is mainly designed to boost the economy of United States. The foreign entrepreneurs are offered legal PR as a swap, for incentivizing investment in the commercial enterprise. The EB-5 Policy and associated programs, is administered by the USCIS. Under this program, the families of entrepreneurs - spouses as well as children under the age of 21 and unmarried can apply for a green card. The entrepreneurs must create or reserve 10 jobs for qualified U.S. workers permanent and full-time. According to US immigration news, due to high unemployment, Targeted Employment Areas (TEAs) must meet some specified criteria so as to reduce the investment threshold from One million USD to half of that, as required under the program. TEA supporters disagree the lower threshold is a vital reason for investment while there is a belief it benefits some projects in highly wealthy areas rather than rural areas. The EB-5 program is listed to expire by end of September According to the immigration news, during the meeting Members repeatedly wanted amendments to the EB-5 Policy and associated programs, rather than end it. There were two panels that put forward thoughts on TEA reform before the Senate. During the first panel, various members of the senate provided their inputs with regard to TEA reform. Chairman of the House Judiciary Committee supported the current program and believes that it is vastly different from what the congress intended it to be, and voiced the same in the house. The opinion put forward by another congressman to reform the program noted the program does not limit investments outside TEA at a higher threshold. Another Congressman emphasized the positives of the EB-5 Policy and associated programs as it created vacancies at zero cost to the taxpayer. The EB-5 program is an opportunity seeking economic activity Congressman emphasized efforts to find a middle path, and suggested investment limits be increased if necessary, as the Policy and associated programs have been a success story, especially in the recent past, according to the immigration news. Some members Committee vowed not to support the current program with sheer reforms and reauthorization with transparency and accountability will be required. There were a number of suggestions for reforms to be implemented with regard to TEA. One reform included potentially to prioritize investments in rural and urban areas outside the more popular commercial holdings and real estate holdings. Another reform included new incentives to be created for the projects in the rural areas. According to the immigration news, the state specific TEA designations will be considered and whether to permit the current policy and associated programs to create 100 percent jobs even if it accounts for a partial investment of the total amount as well as capping the use of zone census and patterns of the commuter traffic.

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